The trade organisation for UK institutional shareholders plans to meet Clive Cowdery, founder of Resolution, to discuss the acquisition vehicle’s attempt to sign shareholders up for sub-underwriting ahead of a deal being announced.

Resolution announced on June 14 that it was in discussions to acquire the majority of Axa’s UK business, in a £2.75bn (€3.3bn) deal to be funded by a £2bn rights issue. As the deal would be classified as a reverse takeover, Resolution requested that trading in its shares be suspended.

Douglas Ferrans, chairman of the Investment Management Association, who is leading the Institutional Investor Council enquiry in sub-underwriting fees, said he hoped to meet Resolution next week to discuss the rights issue, and the fee structure involved.

The acquisition vehicle is understood to be offering major shareholders the option of signing up as sub-underwriters ahead of the announcement of the terms of the deal, with banks Barclays Capital and Royal Bank of Canada Capital Markets taking on less risk. As a result of the reduced risk, banking fees are likely to be less.

Resolution’s largest shareholders include Schroders and Fidelity, both of which have backed Ferrans’ investigation into sub-underwriting fees.

Resolution has said it is targeting an announcement on any transaction before the end of June, meaning clarity on the terms of the deal could come this week. Resolution, BarCap and RBC Capital Markets all declined to comment.

Rival bankers are doubtful that the deal could be repeated, describing the transaction as unique in its circumstances. In buying into Resolution, an acquisition vehicle, shareholders were effectively voting in favour of a transaction and capital raising, they said, meaning there was very little risk involved.

It is also unclear whether shareholders will want to sign up to sub-underwrite ahead of the deal’s terms being announced. While UK investors have backed Ferrans’ study in sub-underwriting fees, international investors often have different views on sub-underwriting, according to rival bankers.